Daily Price Outlook

        The USD/JPY pair is currently trading within a rising wedge pattern, as indicated on the chart. In order to establish a bearish momentum and resume the corrective downtrend, the price needs to break below the support line of this pattern at 138.50.

        This would potentially push the price lower towards the initial targets at 137.35 and further extend to 135.55 upon surpassing the previous level.

        Considering the negative readings from key technical indicators, we maintain our bearish outlook for the near future.

        However, if the price manages to breach above 139.17, it would halt the current downward pressure and potentially lead to an attempt to regain the primary bullish trend.

        For today's trading, the anticipated range is between support at 137.60 and resistance at 139.17.

        USD/JPY  Price Chart – Source: Tradingview
        USD/JPY  Price Chart – Source: Tradingview

        USD/JPY - Trade Idea

        Entry Price – Sell Limit 138.969

        Take Profit – 137.268

        Stop Loss – 140.070

        Risk to Reward – 1: 1.5

        Profit & Loss Per Standard Lot = +$170/ -$110

        Profit & Loss Per Micro Lot= +$17/ -$11



        24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.